The Great Resignation – Be Careful What You Wish For
Another week, another befuddling batch of employment numbers. In November my home state of Georgia set an all-time record low unemployment rate of 3.1%. Several others aren’t far behind. In normal times, this would be seen as cause for celebration.
The PAX Terminal Controversy- Small Market Share, Big Headache?
While attending Money 20/20 last week I received a text from a colleague asking if I’d heard rumors about PAX terminals being pulled by a payment processor. At first I thought it might have been a typo, but soon enough I began hearing corroboration in the conference hallways. But the story got even juicier- the FBI had raided PAX’s Jacksonville warehouse.
Fintech is Hard- The Lessons of Google Plex
When Google pulled the plug on its closely followed checking initiative on October 1, the news was a bigger surprise than it probably should have been. The Big Tech firm has long subscribed to Silicon Valley’s “fail fast” mantra, and has a graveyard of abandoned products to show for it. Google had also already allowed some soft deadlines to quietly slide by for its multi-FI banking interface.
Standing Out from the (Vaccinated) Finovate Crowd
The Finovate crew did an impressive job of bringing their winning formula of seven-minute live demos back into a live New York City setting in mid-September. By my visual estimate 300-400 vaccinated and judiciously spaced attendees were in the Marriott Marquis ballroom at any given time.
Confessions of an Inflation Hawk
My buddy John Best often points out how the experience/trauma of growing up during the Great Depression imprinted lifelong behaviors for many Americans- including his relatives who folded and stored aluminum foil for repeat usage.
Plotting a Post-COVID Cash Course
We at BIG spend an unhealthy amount of time pondering the future trajectory of cash usage and its implications for credit unions- you’ll find some of our earlier analysis here.
Why Your Credit Union Needs A Voice Application
Voice assistants are fast becoming the way we interact with everything from our banks to our cars- we’re already watching this transition play out in real time. The technology isn’t limited to humans either, with artificial intelligence (AI) also being embedded into voice interactions to aid decision making and improve customer experiences.
Credit Union Takeaways from the White House’s Executive Order
Based on the industry’s reaction, you’d think the banking sector had been singled out in the Biden Administration’s recent Executive Order addressing market competition. The wide-ranging document actually encompasses 72 initiatives, with financial services the last category listed- well after healthcare, agriculture, and transportation, and in less detail.
Credit Union Success Depends on Streamlining Fintech Partnerships
It’s a familiar story. Credit union signs up to roll out an exciting new product or service with a fintech provider; months later, the project remains mired in the implementation process. What went wrong? The CU found itself playing defense after the compatibility of its data system was lost to the uncertainties of platform integration.
Seven Key Takeaways from the Fed’s New Interchange/Fraud Report
The Federal Reserve is hardly one to court controversy. Given the polarized history plaguing interchange, not to mention persistent rumors of back-office plotting to revisit the Durbin Amendment, it’s nearly impossible to stay above the fray- even with a “just the facts, ma’am” report like the Fed recently released.